IC Markets is one of the most established Australian forex brokers and was founded in Sydney.
Our comprehensive IC Markets review found that the forex broker offers:
- The highest leverage in Australia
- Low spreads & fees
- The leading platform options
- Reduced slippage
What Makes IC Markets Different?
IC Markets and a handful of Australia’s best forex brokers put trades through to the real interbank forex market. By not interfering through a trading desk all trades are processed directly to the broker’s electronic communication network resulting in fast execution speeds.
To further improve the execution speed the Australian broker has servers located in New York at the Equinix data centre. This is where the exchange and market data originates helping fast trade execution and latency as low as 1 milli-second.
How Does IC Markets Spreads Fees Compare?
In our detailed IC Markets review we found three slightly different trading account types. This diversity is one of the reasons we named it the best forex broker Australia.
1) Standard Account
Ideal for beginners with no commissions but higher spreads utilising the word’s most popular platform – MetaTrader 4.
2) True ECN
Ideal for intermediate/expert Australian forex traders or those that utilise an expert advisor (EA) (software program that analyses data and provides the trader with buy/sell recommendation. This option has lower spreads but charges commissions
A suitable option for traders that prefer the cTrader platform and trade regularly.
What Is The Maximum Leverage Available?
IC Markets are the best forex broker when it comes to leverage. As show on several forex broker comparison tables, the leverage of 500:1 is only also offered by a handful of Australia’s best forex brokers.
Only experienced traders should use the full allocation of 500:1 leverage because while it may lead to significant gains if the currency pairing is predicted correctly, it can also lead to significant losses. Also, as brokers like IC Markets don’t use trading desks, they don’t offer guaranteed stops. This means that losses may exceed even the amount deposited in extreme volatility so high leverage should be avoided for beginners.
An example of how leverage of 500:1 works in simple terms is for every dollar you deposit you can trade up to $500 on currency markets. So a $250 deposit can lead to $125k being traded. With such high leverage any relatively small movement in the market can lead to large losses or gains. For example, a 0.1% change in currency paring in the prior example would lead to a $125 gain or loss (which is 50% of the deposit). While leverage is critical for any Australian forex trader the best forex broker level should match your experience level and factored into this IC Markets review.
IC Markets Review Of Promotional Offers
Unfortunately at this time IC Markets does not offer a promotional bonus. We’ve often seen Forex companies phase promos in and out and will update the data here in our IC Markets review and also in our comparison tables as soon as we notice any incentives the company might offer.
IC Markets was founded in Australia in 2007 by expert traders who were hell bent on creating a trading experience for retail traders. The platform they wanted to design was to be just as professional and state of the art as the systems used by banks and financial institutions. In our detailed IC Markets review below, we highlight what makes the locally regulated company, trading as International Capital Markets Pty. Ltd. so popular.
Our IC Markets review completed on the 18/01/2017 found the company was Australia’s best forex broker based on their market leading leverage and trading speed. They also have low spreads and fees and are regulated in Australia. Our team found that key information is very easy to find on their site and we received no unpleasant surprises when we analysed the company closely. The company have offices onshore in Sydney, Australia and all the services they offer are what traders should expect from today’s modern Forex brokers. They have also recently invested in building out their Forex education and training platforms to aid trader development. They also boast expert trading tools, a fantastic demo account and no dealing desk.
About Compare Forex Brokers
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IC Markets Review
IC Markets established in 2007 was named the best forex broker by the team at compare forex brokers in June based on leverage, spreads and platform options.
Reviewed by Noam Korbl